SOL - ReneSola Power expands into Italy and other European countries though Emeren acquisition

• ReneSola ( NYSE: SOL ) has announced the acquisition of Emeren, a United Kingdom-based utility-scale solar power and battery projects developer in Europe.
• The acquisition transaction was completed on October 10 through an all-cash deal with an earn-out provision.
• Emeren has over 2.5 GW of pipeline under development (at different development stages) including over 2 GW of solar projects and over 500 MW of storage projects.
• Mr. Yumin Liu, ReneSola Power Chief Executive Officer, said, "The timing of this acquisition is excellent as it increases our project pipeline in Europe at a time when solar power purchase agreement prices have increased dramatically due to a supply shortage and favorable regulatory conditions. The acquisition is expected to generate healthy EBITDA immediately."
• Source: Press Release

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